Moody's raises SK Innovation debt outlook

Moody's Investors Service said it changed to positive from stable the outlook for SK Innovation's Baa3 senior unsecured debt rating.

"The positive outlook reflects SKI's stronger-than-expected financial profile. The company has reduced its debt leverage significantly and demonstrated solid operating performance in FY2011," said Mic Kang, a Moody's vice president and senior analyst, in a news release.

"Also, we expect SKI to benefit from its diversified operations and the contribution from its overseas exploration and production investments, although refining margins are likely to weaken in the next 12 to 18 months," he said.

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